13 Apr How Much Does Your Time Cost?
In the course of meeting new clients, I talk to a lot of small businesses that are scraping by with limited resources. Funding is scarce, time is abundant. It’s an easy call – do as much as you’re even remotely capable of on your own. The opportunity cost is $0. Build the prototype, setup the computer network, build the website, etc. Surely you’ll be less efficient, but until funding becomes more plentiful and time in shorter supply, you won’t have to draw the line between what you’ll do yourself and what it’s worthwhile to pay someone else to do. At that point, it’s not just about efficiency, it’s about quality.
Yes, you can build your own website, but a professional can likely do it better (and faster). They can add dynamic elements, maybe a backend database, custom style sheets, a mobile interface, and a graphical layout that speaks to professionalism and substance. If you want to learn how to do all of these things, you probably can. However, are you trying to be a web designer or is there something else you’re trying to accomplish?
Of course, where to draw this line changes frequently, and it’s not always easy to evaluate. When you have extra time, it doesn’t cost anything to give it a try (no opportunity cost). But, when you’re busy doing what nobody else can do for you, that’s where your time is best spent. Go develop your strategy, raise funding, layout the business plan, and let someone else take care of the website (just to continue the example). Just because it needs to be done doesn’t mean you need to be the one to do it.
Of course, if you really don’t know how to build a website or design a prototype, it could be worth the investment even when you have the time. A great first impression can be worth a lot.
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